What makes a good mastermind?

by | Apr 7, 2012 | Business

Most small business owners would agree that having an advisory council or being part of a Mastermind Group is an essential element to long term success.  But with varying costs and formats, many small business owners shy away from participating. Last summer during a discussion about masterminds, a colleague asked if she could interview me about the experiences I’ve had with varying types of mastermind groups. At the time of the interview I was involved in 2 concurrently.  The first time in my life that I felt it was beneficial to be involved in two diverse groups, at the same time. I’m going to share that interview with you at the bottom of this post.  But first, I believe it would be helpful to explain a few things about Masterminds (and warn you I’ll be talking them a lot over the coming weeks).

What is a Mastermind?

In 1937, Dr. Napoleon Hill published his timeless classic, “Think & Grow Rich.” after personally interviewing over 500 of the most successful people of his day and made this observation:

“Analyze the record of any man who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously or unconsciously employed the ‘Master Mind Principle.

“No individual may have great power without availing himself of the ‘Master Mind.’ This form of cooperative alliance has been the basis of nearly every great fortune. Your understanding of this truth may definitely determine your financial status.”

He described this “Master Mind Principle” as the “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

Masterminds can come in all shapes and sizes. They can be a small group of 4-6 people, or sometimes as many as 50 (although I’m very cautious about the large ones, as it’s difficult to really connect & contribute. It’s also easier to drop out, when you’re feeling challenged).  There are masterminds that are very ‘corporate’, and some that are ‘woo-woo’.  I’m including a list of different ones below, to give you a few other ideas (I’m an affiliate of more than one of these, which just means if you were to decide at some stage to sign up for their mastermind I may receive some financial compensation.  But for now, please just browse & get to know the concepts of Masterminding)

Masterminds you may want to consider:

  1. WeMastermind
  2. Goddess Circle
  3. Jonathan Mead
  4. Stephanie Pollack
  5. Gina Bell – Meet, Play, Love

And as promised, the download of my MasterMind Questions I’ve been involved in over the past 10 years or so.
WE Mastermind

If you’ve enjoyed this, please share it on Twitter or Facebook. And consider signing up for weekly updates of my blog (below)

News & Updates

Sign up for Biz Tips!

You May Also Like…